Best Ways HR Analytics can Benefit Your Organization

The synergy between Analytics and HR

HR analytics tools – those that examine workplace and performance data – are simplifying the complex metrics involved with hiring processes, strategic planning, and performance tracking. The data being uncovered is helping companies to predict employee behaviors, talent gaps, potential turnover and forecast areas of inefficiency using analytics.

“A survey found that one in three organizations planned to increase spend on their HR function by more than 20 percent, and HR analytics tools are rated as one of the top areas for investment.”

Let us have a glance at how HR analytics tools can be helpful :

• Better decision-making

The ability to focus on critical tasks may be limited due to increasing complexity and stringent timelines. But with HR analytics tools, you can get aggregate and analyze data that was previously hard to access. You can get Valuable insights to make informed decisions without spending much time. As a result, it simplifies the process and thereby improves efficiency.

• Enhance your Forecasting

Better planning of resource requirements and corresponding skill sets can be made effortlessly with Payroll software and HR analytics tools. HR team can see where they are making progress to understand what’s working, and where they aren’t progressing so they can focus resources where they have the biggest needs. With qualitative assessments and business goals, future requirements can be more easily determined.

• Understanding the Organization

With the use of HR analytics, you can understand your organisation much better, with the stats and insights you can rely upon. You can easily link your workforce to strategic and financial goals for improved business performance. It does enable better decision making and helps in defining better benchmarks for the organization.

• Keeping Up with the Changing World

The world is changing at a fast pace and if you don’t keep up, other companies are going to get ahead. Accurate and insightful analytics helps you decide what changes are needed in your company. This ensures your organization is not left out in the race and helps you go one-on-one and even ahead of your competition.

Step up your game with factoHR’s HR analytics & insightful dashboards

• Employee Dashboard

Employees can view their attendance logs, leave statistics, last salary payment via this dashboard. They can check their recently applied leave approval status easily from dashboard. An overview of attendance, leave & payslip easily insights employee to have transparency in their data, increasing the satisfaction and thus increasing the productivity of the company.

• Manager Dashboard

Manager can have a panoramic view of cost v/s revenue analysis, recruitment v/s resigned ratio, can plan out discipline strategies & resources planning of the company. An overview of the leaves & attendance can be viewed of department wise from this dashboard. It also helps managers in identifying the performances of the employees.

It gives a current, real-time view of the data to HR manager in order to quantify the cost of current HR software programs and the rate of success or failure, and track year-to-year trends and changes.